Philippines' Ayala Land forms retail joint venture

RheaSandique-Carlos

MANILA -(MarketWatch)- Ayala Land Inc. (ALI.PH), the Philippines' largest property developer by market capitalization, said Wednesday that it has formed a joint venture with Specialty Investments Inc. to pursue opportunities in the domestic retail sector.

Specialty Investments is a wholly owned subsidiary of Stores Specialists Inc. a major retail company in the country with exclusive rights to sell and distribute a variety of global brands.

The joint venture will help buoy tenancy rates at Ayala Land's mixed-use developments, the company said in a filing to the stock exchange.

It didn't disclose the shareholding structure of the joint venture or provide financial details.

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